HAL downplays AMCA exclusion reports even as Bharat Forge, Tata, L&T make the shortlist

Hindustan Aeronautics Limited (HAL) on Tuesday, February 3, sought to shut down speculation around the Advanced Medium Combat Aircraft (AMCA) programme, saying it has not received any official communication on the matter and is therefore “not in a position to comment” on media reports.

“Various media reports regarding the AMCA programme have come to HAL’s attention,” the defence PSU said in a clarification. “HAL has not received any official communication in this regard.”

The statement comes amid media

reports speculating HAL's exclusion from the AMCA programme, India's fifth-gen stealth fighter, due to private firms like Tata Advanced Systems L&T, and Bharat Forge being shortlisted instead — marking a potential shift from HAL's traditional lead integrator role.

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Without directly addressing the reports, HAL pivoted to its fundamentals — underscoring a robust confirmed order book that provides strong revenue visibility, and a healthy production and execution pipeline extending up to 2032.

What HAL is betting on

Beyond its current defence manufacturing commitments, HAL said it is simultaneously advancing several strategic indigenous programmes, including the Indian Multi Role Helicopter (IMRH), LCA Mk2, and the Combat Air Teaming System (CATS). These programmes, the company said, are expected to start production after 2032, reinforcing its long-term growth runway.

HAL also highlighted efforts to diversify into civil aviation, with platforms such as the Dhruv NG, Hindustan 228, and the SJ-100, aimed at creating more stable and sustainable revenue streams over time.

“HAL has strong fundamentals and is committed to delivering sustained year-on-year growth through consistent performance,” the company said.

Hindustan Aeronautics Limited is India’s flagship public sector aerospace and defence company, headquartered in Bengaluru and majority-owned by the government through the Ministry of Defence. The company designs, manufactures, overhauls and upgrades aircraft, helicopters, engines, avionics and allied systems, operating 11 R&D centres and 21 manufacturing divisions across the country.

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HAL’s revenues largely come from manufacturing and supply contracts for platforms such as the Tejas LCA, Su-30MKI and ALH Dhruv, along with repair, overhaul and upgrade (MRO) services for the armed forces’ aircraft, engines and avionics.

Its key customers include the Indian Air Force, Indian Army and Navy, ISRO for aerospace structures and engines, and a limited set of overseas clients, such as Oman for Hawk trainer aircraft.

In the October–December 2025 quarter (Q3 FY26), HAL posted record revenue of about ₹14,800 crore, up 12% year-on-year. EBITDA stood at around ₹4,200 crore, with margins of 28.4%, while net profit rose 15% to nearly ₹3,000 crore. The performance was driven by the execution of Tejas Mk1A and helicopter deliveries against an order book of about ₹2.3 lakh crore.

Shares of HAL ended today's trade 5.7% lower at ₹4,213.90 on the NSE. On a YTD basis, it has given a negative return of 4% to its investors.